Do institutional blockholders influence corporate investment? evidence from emerging markets
Author | dc.contributor.author | Álvarez Espinoza, Roberto | |
Author | dc.contributor.author | Jara, Mauricio | |
Author | dc.contributor.author | Pombo, Carlos | |
Admission date | dc.date.accessioned | 2018-10-10T20:46:36Z | |
Available date | dc.date.available | 2018-10-10T20:46:36Z | |
Publication date | dc.date.issued | 2018 | |
Cita de ítem | dc.identifier.citation | Series Documentos de Trabajo No. 469, pp. 1 - 48, Septiembre, 2018 | es_ES |
Identifier | dc.identifier.uri | https://repositorio.uchile.cl/handle/2250/152075 | |
Abstract | dc.description.abstract | This paper examines the relation between firm investment ratios and institutional blockholders for a sample of 6,300 publicly traded firms in 16 large emerging markets for the 2004–2016 period. Results show that independent, long-term, and local institutional investors boost investment ratios, which is consistent with the monitoring role and blockholder voice intervention hypotheses. The presence of institutional blockholders, regardless of their monitoring involvement, reduces firm cash flow sensitivity ratios and thus reduces firms’ financial constraints. Minority institutional investors complement the positive effect of blockholders investors. However, the effect on financial constraints decreases as the quality of the country's institutions increases. | es_ES |
Lenguage | dc.language.iso | en | es_ES |
Publisher | dc.publisher | Universidad de Chile. Facultad de Economía y Negocios | es_ES |
Type of license | dc.rights | Attribution-NonCommercial-NoDerivs 3.0 Chile | * |
Link to License | dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ | * |
Source | dc.source | Series Documentos de Trabajo | es_ES |
Keywords | dc.subject | Institutional Investors | es_ES |
Keywords | dc.subject | Corporate Investment | es_ES |
Keywords | dc.subject | Financial Constraints | es_ES |
Keywords | dc.subject | Corporate Governance | es_ES |
Keywords | dc.subject | Emerging Markets | es_ES |
Título | dc.title | Do institutional blockholders influence corporate investment? evidence from emerging markets | es_ES |
Document type | dc.type | Documento de trabajo | |
Cataloguer | uchile.catalogador | rca | es_ES |
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